Sustainable economic growth, increasing urbanization, enormous natural resources, and a dynamic ecosystem of technology innovation drive wealth creation in Africa. These variables, taken together, lead to the rise of high-net-worth individuals throughout the continent.
According to the Africa Wealth Report 2023,by Henley & Partners, The report also found that the “Big 5” wealth markets in Africa, namely South Africa, Egypt, Nigeria, Kenya, and Morocco, together account for 56% of Africa's high-net-worth individuals and over 90% of the continent's billionaires.”
“Africa is home to a growing number of millionaires, with the continent's high-net-worth individuals (HNWIs) population expected to increase by 42% over the next 10 years”
Africa's wealthy population is expected to grow significantly, reaching an estimated 195,000 by 2032.
Poverty and inequality, which restrict economic opportunity and upward mobility, pose significant hurdles to wealth generation in Africa. Corruption worsens the situation by hindering economic growth and creating an unfavourable business environment.
These challenges collectively hinder individuals from breaking free from the cycle of poverty and achieving significant wealth. Overcoming these obstacles is essential for sustainable economic development on the continent.
Here are Africa top 10 countries with the highest number of millionaires in 2023
South Africa tops the list in 2023, with 37,800 millionaires, 98 centi-millionaires, and 5 billionaires, demonstrating the country's diverse and dynamic economy.
Egypt's economy is expected to rise steadily in 2023, as evidenced by its 16,100 millionaires, 54 centi-millionaires, and 8 billionaires, owing to the country's historical relevance and strategic attraction to investors.
Nigeria's economy, fueled by a thriving oil sector, supports 9,800 millionaires, 27 centi-millionaires, and 4 billionaires, reflecting the country's prominence as Africa's most populous.
Kenya, despite the absence of billionaires, is recognized as East Africa's financial hub, booming with 7,700 millionaires and 15 centi-millionaires, powered by tech innovation, real estate boom, and a growing middle class.
Morocco's stability and strategic location have attracted investors, fostering a diverse economy that includes agriculture, manufacturing, and tourism, with 5,800 millionaires, 28 centi-millionaires, and 4 billionaires indicating sustained economic growth.
Mauritius, given the shortage of billionaires, has 4,900 millionaires and 10 centi-millionaires, thanks to a strong financial and real estate sector that attracts investors and high-net-worth individuals seeking tax advantages and economic prospects.
Algeria, with 2,800 millionaires, 8 centi-millionaires, and 1 billionaire, owes its fortune mostly to massive hydrocarbon resources, fostering a modest but notable millionaires class and emphasizes the oil and gas industry's profitability.
Ethiopia, is emerging as a regional economic heavyweight as a result of a rapidly developing industrial sector and foreign investments, resulting in a large increase in high-net-worth individuals, with 2,700 millionaires, 4 centi-millionaires, and 1 billionaire,
Ghana, even without a billionaire presence,, with 2,600 millionaires and 5 centi-millionaires, draws strength from its political stability and resource-rich economy, luring investors and presenting itself as a crucial factor in West African economic progress.
Tanzania, with 2,400 millionaires, six centi-millionaires, and one billionaire, exemplifies the region's potential as a rising economic player, capitalizing on stability and a flourishing tourism economy.